NATIONAL: Department store Myer has credited its improved instore presentation and mid-season sales for a stronger than expected profit forecast for the second half of the year.
The group, whose head office is in Victoria, said it has recorded solid third quarter sales and this was expected to continue into the fourth quarter.
It said it now expected sales for the second half of the year to be down around 1 per cent compared to the same period last year. First half sales were down 3.7 per cent.
In a statement released this morning (June 17), the company said Western Australia and Queensland were its best performing regions with South Australia in particular producing what it termed as "stand-out" results owing to its improved store presentation.
Myer chief executive officer Bernie Brookes said womenswear, accessories and cosmetics were the strongest performing categories although menswear had traded well in recent weeks.
"Sales during the Myer mid season sale in April were higher than last year, and customers are continuing to respond positively to significantly improved instore presentation and planned promotional activity. We have also observed a greater impact from the second Federal Government stimulus package, particularly in many of our suburban and regional stores," Brookes said.
Myer will announce its results for the year to July 25, 2009 in late September.